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Britain will grow faster than any other major advanced economy over the next three decades as the EU’s share of global output diminishes, according to PwC.

UK economic growth is predicted to outpace the US, Canada, France and Germany between 2016 and 2050, with average annual growth of 1.9pc.

This is also double the average annual pace of growth expected in Japan and Italy.

While the UK’s decision to leave the EU is expected to exert “some medium-term drag” on the economy, PwC signalled that Britain was in prime position to forge new trade ties with “faster-growing emerging economies”, which are expected to cement their status as the engines of global growth.